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Grasim Industries, a flagship company of the Aditya Birla Group, shared a consolidated net profit of Rs. 1,369.8 crore for the March quarter, staying unchanged from Rs. 1,368.9 crore recorded in the same period last year. The fall in margins was chiefly attributed to dull performance in its chemicals segment and expenses connected with the temporary closure of its joint venture company, AV Terrace Bay Inc, Canada.
Grasim revealed an impairment charge of Rs. 61.4 crore for the advance against equity in AVTB, besides a few terms made for its estimated exposure of Rs. 436 crore. The combined venture, engaged in the paper-grade pulp business, stopped its operations momentarily due to adverse market conditions, as declared in a regulatory filing on 22nd May.
On an individual basis, Grasim sustained a loss of Rs. 440.9 crore in comparison to a profit of Rs. 93.5 crore in the same quarter of last year. Consolidated revenue was Rs. 37,727.1 crore, indicating a 12.7 per cent rise over the previous year.